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to craft a deal to avert looming tax hikes and spending cuts. with most of the hoist members on vacation until sunday night, no plan in sight. how much can actually be accomplished. susan fereccio joins us now. chief congressional correspondent for the "washington examiner". we're seeing dianne feinstein there on the senate floor. it is vacant on the house side. so in truth how much is really going to get done? >> well, gregg, a lot of this negotiations are really taking place between the leadership levels right now. we don't really have to worry about what is happening on the house floor. it's about what is going on at the white house. now, the president today is going to meet with congressional leaders from both parties, both chambers. they will sit down. they will talk about a potential deal. the president might offer something that maybe the republicans could go for. it wouldn't be a sweeping deal. gregg: like what? >> might be something smaller. well, it would be something that could potentially avoid the major tax hikes coming in january.
to craft a deal to avert looming tax hikes and spending cuts. with most of the hoist members on vacation until sunday night, no plan in sight. how much can actually be accomplished. susan fereccio joins us now. chief congressional correspondent for the "washington examiner". we're seeing dianne feinstein there on the senate floor. it is vacant on the house side. so in truth how much is really going to get done? >> well, gregg, a lot of this negotiations are really taking place...
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and compromise includes spending cuts and tax hikes. >> can i get a word in, guys? >> brent, the republicans passed a bill. the republicans pass it had. senate democrats haven't passed a bill in 1300 days. you have to be kidding me. >> it's much easier for the democrats to sit and file their nails and say those awful republicans. look at those awful republicans go. the democrats haven't done anything. now what is the opposition to this super tax on the greedy rich? well, the republicans have argued for 20, 30, 40, 50 years that high taxes stifle economic growth. president obama said two years ago when he didn't do this two years ago, he said the wrong thing to do in a bad economy is to raise taxes. now suddenly both sides are considering doing exactly that. you've got three different studies of that shown that if you raise these taxes, you are going to kill somewhere between $700,000 and -- 700,000 and 1.1 million jobs. but all that not be standing, it has nothing to do with the issue. the issue has been, will continue to be, spending. >> okay. >> that's what no one
and compromise includes spending cuts and tax hikes. >> can i get a word in, guys? >> brent, the republicans passed a bill. the republicans pass it had. senate democrats haven't passed a bill in 1300 days. you have to be kidding me. >> it's much easier for the democrats to sit and file their nails and say those awful republicans. look at those awful republicans go. the democrats haven't done anything. now what is the opposition to this super tax on the greedy rich? well, the...
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Dec 28, 2012
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later on today, president barack obama will sit down with top leaders from the house and senate at the white house. he is trying to find an agreement to avoid automatic spending cuts called for in the so-called sequester. and the bush tax cuts are also expiring. they have to agree on raising the debt ceiling as the government's borrowing limit will be reached next week. house speaker john boehner is calling the house into session sunday night. we are getting great comments this morning from you who have logged on it our facebook fan page. karl rose russell writes, if i don't do 199job, i would get fired. the same should be for them. thank you for sharing your sentiments on this. share your thoughts with us on facebook if you will. search for fox 5 morning news. no space between fox and the number 5. number 5. wisdom. >> that music takes me back to my childhood. it was that nfl films music. it was an era. i won't say which era. speaking of going back. we'll go back to turkey day. that is what you overeight and that is why i got you that shake weight for christmas. >> can we talk about t
later on today, president barack obama will sit down with top leaders from the house and senate at the white house. he is trying to find an agreement to avoid automatic spending cuts called for in the so-called sequester. and the bush tax cuts are also expiring. they have to agree on raising the debt ceiling as the government's borrowing limit will be reached next week. house speaker john boehner is calling the house into session sunday night. we are getting great comments this morning from you...
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Dec 28, 2012
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. $110 billion in annual spending cuts were agreed to under president obama as part of the debt ceiling negotiation. those begin on tuesday. we have the payroll tax cut in place for two years, takes about two percentage points off people's taxes, bill will end on monday. business tax breaks, bill will end on monday. the alternative minimum tax, which is confusing, but it would be a disaster if that was not taken care of, because it would raise the taxes of about 30 million americans for their 2012 income and 2013. and all the confusion could screw up the whole tax filing season. who knows when you will be filing your taxes, because the irs does not know which tax rates will be applied and who will be responsible for paying what. so it's going to be a mess if this is not handled quickly. host: if we are sitting here a month from now after the inauguration and there's still no final agreement on taxes, could that the label 15 -- guest: no doubt about it. secretary dieter even said that a few days ago. --secretary tim geithner. it could delay the tax filings. the government relies on augus
. $110 billion in annual spending cuts were agreed to under president obama as part of the debt ceiling negotiation. those begin on tuesday. we have the payroll tax cut in place for two years, takes about two percentage points off people's taxes, bill will end on monday. business tax breaks, bill will end on monday. the alternative minimum tax, which is confusing, but it would be a disaster if that was not taken care of, because it would raise the taxes of about 30 million americans for their...
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big spending cuts at the pentagon. and all the polls show that the republicans are going to be blamed for all of this. so obama -- as the one guy in this town that wants a deal more than anyone. on the other hand, he's probably the guy that purely political benefits the most after january 3rd satisfy in a stronger negotiating position. he'll also have, remember, a few more democrats in the house and in the senate. so the white house will be strengthened after this happens. but a lot of people in the white house and treasury department don't want that to happen because they think the markets may freak out. already the markets are reacting to the news within the last hour. yesterday the markets dipped a little bit on reid's comments in the senate. so they are worried about the economy. i think purely politically, obama will be strengthened once we go over. >> ryan lizza, thank very much. it's going to be an interesting couple of days. >> yeah, it sure is. >> thanks, ryan. >>> weapons of war on the streets of los angeles.
big spending cuts at the pentagon. and all the polls show that the republicans are going to be blamed for all of this. so obama -- as the one guy in this town that wants a deal more than anyone. on the other hand, he's probably the guy that purely political benefits the most after january 3rd satisfy in a stronger negotiating position. he'll also have, remember, a few more democrats in the house and in the senate. so the white house will be strengthened after this happens. but a lot of people...
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deal when house and senate leaders head to the white house this afternoon to meet there with president obama. lawmakers are increasingly looking at the period following the december 31st deadline we're told to come up with a fix to avoid massive tax hikes and spending cuts, affect lives of nearly every american many economists say could plunge the economy into another recession. chief white house correspondent ed henry live with the latest. so in this meeting, ed, is there any hope they will accomplish anything? >> reporter: well it is pretty low expectations, jon. what we're expecting when you talk to top officials of both parties the president will offer a scaled back plan, something he laid out lines friday before christmas here in the white house briefing room before he went to hawaii. where he said look, we have to scale back expectations. basically just extend middle class tax cuts. don't worry about the rates for everyone else. secondly extend unememployment insurance for about two million people who will be losing it a few days from now at the end of the year. finally he refer to pos
deal when house and senate leaders head to the white house this afternoon to meet there with president obama. lawmakers are increasingly looking at the period following the december 31st deadline we're told to come up with a fix to avoid massive tax hikes and spending cuts, affect lives of nearly every american many economists say could plunge the economy into another recession. chief white house correspondent ed henry live with the latest. so in this meeting, ed, is there any hope they will...
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Dec 28, 2012
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in a last bid for a deal, president obama stated his terms face-to-face to top republicans and democrats. >> congressional leaders arrive ted white house this afternoon for their first group meeting with the president since november 16th. vice president biden and treasury secretary timothy geithner also attend. but there was little to suggest the makings of an 11th hour bargain. a source familiar with the meeting told the newshour its president is sticking with his offer from last friday. it included keeping the bush era tax break force the middle class but raising tax rates on incomes over 250,000 dollars a year. president also wants to extend unemployment benefits for some 2 million americans who will lose them in the new year. and a proposal would delay any spending cuts. the president asked for an up or down vote on his plan unless there is a counter proposal that will pass both the house and senate. a little more than an hour after the meeting began, several participants were seen leaving. >> and back at the capital the senate's democratic majority leader harry reid and republican m
in a last bid for a deal, president obama stated his terms face-to-face to top republicans and democrats. >> congressional leaders arrive ted white house this afternoon for their first group meeting with the president since november 16th. vice president biden and treasury secretary timothy geithner also attend. but there was little to suggest the makings of an 11th hour bargain. a source familiar with the meeting told the newshour its president is sticking with his offer from last friday....
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betweenn resident obama ad &ptop coonressional leaders. leaders.they've got just 4 days left to reach an aageement... before the u-s economy goes over the poocclled "fiscal cliff." that's when automatic taxx increases and spending cuts would take effect. democrats wann to extend the bush-era tax cuts to everyone except ttose americans making 250- thousand dollars or more a year. but many republicans remain gginst any tax increases. if lawmakers don't peach a deal by january 1st... it could eventually lead to another recession. with all eyes on thh fiscal cliff... there's anothee deadline quickly approochinn that might have consumers concerned... the "milk cliff." it's part offa stalled farm bill... that includes nearlyy35-billioo- dollars in cuts. f the bill doesn't make it throuuh congress before the end of the year... the government will be forced tt buu vast quuntities of milk under a trummnnera law. that could send as 6 to 8 dollars ggllon... because the government would the wholeeale rate... under a pre-filed bill in the general assem
betweenn resident obama ad &ptop coonressional leaders. leaders.they've got just 4 days left to reach an aageement... before the u-s economy goes over the poocclled "fiscal cliff." that's when automatic taxx increases and spending cuts would take effect. democrats wann to extend the bush-era tax cuts to everyone except ttose americans making 250- thousand dollars or more a year. but many republicans remain gginst any tax increases. if lawmakers don't peach a deal by january 1st......
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that's when automatic tax hikes and spending cuts go into effect. senate majority leader harry reid says even if something gets done now there may not be enough time to get it through congress. we'll just wait to see what happens. >> we have been waiting a long time. >> i know. >> hopefully the deadline will help. >>> we have a big holiday weekend and a wee bit of rain. >> that's this afternoon the right now it's cold. that's what we'll focus on in the meantime. cold temperatures are dipping below freezing now. look at fairfield, that's just dropped to 31 degrees. some people scraping some frost off their windshields this morning. 39 in vallejo. 35 santa rosa. so all that blue tells us it's chilly. and unfortunately by this afternoon, well, i guess it's fortunately if you like the cold weather, but it is going to be slightly cooler today than yesterday. a lot of low 50s. 52 santa rosa. only 50 in fairfield. a little more mild around the bay, 54 in oakland and fremont. as frank just mentioned, the rain, light rain set to hit the bay area friday after
that's when automatic tax hikes and spending cuts go into effect. senate majority leader harry reid says even if something gets done now there may not be enough time to get it through congress. we'll just wait to see what happens. >> we have been waiting a long time. >> i know. >> hopefully the deadline will help. >>> we have a big holiday weekend and a wee bit of rain. >> that's this afternoon the right now it's cold. that's what we'll focus on in the meantime....
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in a last bid for a deal, president obama stated his terms face-to-face to top republicans and democrats. >> congressional leaders arrive ted white house this afternoon for their first group meeting with the president since november 16th. vice president biden and treasury secretary timothy geithner also attend. but there was little to suggest the makings of an 11th hour bargain. a source familiar with the meeting told the newshour its president is sticking with his offer from last friday. it included keeping the bush era tax break force the middle class but raising tax rates on incomes over 250,000 dollars a year. president also wants to extend unemployment benefits for some 2 million americans who will lose them in the new year. and a proposal would delay any spending cuts. the president asked for an up or down vote on his plan unless there is a counter proposal that will pass both the house and senate. a little more than an hour after the meeting began several participants were seen leaving. >> and back at the capital the senate's democratic majority leader harry reid and republican mi
in a last bid for a deal, president obama stated his terms face-to-face to top republicans and democrats. >> congressional leaders arrive ted white house this afternoon for their first group meeting with the president since november 16th. vice president biden and treasury secretary timothy geithner also attend. but there was little to suggest the makings of an 11th hour bargain. a source familiar with the meeting told the newshour its president is sticking with his offer from last friday....
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stock futures headed south as the white house stages that last-ditch effort on taxes and spending. erica ferrari of cbsmoneywatch.com joins us now with an early check on your dollars. good morning. >> reporter: good morning. asian markets guilty a boost on word president obama will meet congressional leaders again today to try to hammer together a last-minute plan to avoid the so-called "fiscal cliff." tokyo's nikkei gained nearly 1%. hong kong's hang seng added .25%. >>> news of more budget talks sent wall street on a roller coaster ride thursday. stocks ultimately ended the session lower for a fourth consecutive day. the dow lost 18 points. the nasdaq was down 4. >>> the clock is ticking until lawmakers' monday night deadline and still no "fiscal cliff" deal is in sight. sunday the house has been called to an unusual session just in case an agreement is not reached. >>> a new report suggests the looming "fiscal cliff" is forcing consumers to lose confidence in the nation's economy. the conference board said on thursday its consumer price index fell sharply in december for the sec
stock futures headed south as the white house stages that last-ditch effort on taxes and spending. erica ferrari of cbsmoneywatch.com joins us now with an early check on your dollars. good morning. >> reporter: good morning. asian markets guilty a boost on word president obama will meet congressional leaders again today to try to hammer together a last-minute plan to avoid the so-called "fiscal cliff." tokyo's nikkei gained nearly 1%. hong kong's hang seng added .25%....
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it ended with the reelection of barack obama. if you could think of adjectives, what would they be to describe these seven years? >> interesting. challenging. sometimes totally frustrating. full of opportunities for the country. there were good times during these 12 years, laced together with some that were not so good. 9/11. the anthrax scare. there were also positive things. the election of barack obama i thought was a very positive statement for the country and moving forward in a way out of a fiscal of this. abyss.thi i could not have imagined a better time to have been here with all of the things that have happened. >> let me ask you to look back over those 12 years and ask what the high point was. >> when we could work together. maybe the single event that would and body that is the gang of 14. john mccain and i put together six other democrats and six other republicans to avoid what was then called the nuclear option, changing the rules, turning the senate into a smaller version of the house, where the rights of the minori
it ended with the reelection of barack obama. if you could think of adjectives, what would they be to describe these seven years? >> interesting. challenging. sometimes totally frustrating. full of opportunities for the country. there were good times during these 12 years, laced together with some that were not so good. 9/11. the anthrax scare. there were also positive things. the election of barack obama i thought was a very positive statement for the country and moving forward in a way...
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president obama and top congressional leaders are looking for common ground to keep automatic spending cuts and tax increases from kicking them. hidden payne has the story. >> reaching a bill will not be easy because both sides are in a blaming game carry it >>. >> i told the president that we will look at whatever he proposes but the truth is is that we're coming up against a hard deadline. as i stated before this is a conversation that we should have had a month ago. >> democrats want to extend the bush era tax cuts. many republicans are against any tax increases. most americans just want something to be done. >> if people are just tired of partisanship. we just want everyone to come together. >> if lawmakers do not come together then this may lead to recession. i am and \ / \ \ / ed payne reporting. >> we will be right back. [ male announcer ] if you're ready to get more from your tv service, now's a great time to get at&t u-verse tv. make the switch. [ female announcer ] call now to get at&t u-verse tv for only $29 a month for 6 months, with a total home dvr included free for life.
president obama and top congressional leaders are looking for common ground to keep automatic spending cuts and tax increases from kicking them. hidden payne has the story. >> reaching a bill will not be easy because both sides are in a blaming game carry it >>. >> i told the president that we will look at whatever he proposes but the truth is is that we're coming up against a hard deadline. as i stated before this is a conversation that we should have had a month ago....
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president obama meeting with congressional leaders. that's going to happen this afternoon. i'm going to dream about that tiramisu. what a night, huh? but, um, can the test drive be over now? head back to the dealership? [ male announcer ] it's practically yours. but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a passat. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any new volkswagen. visit vwdealer.com today. >>> we are just four days away from the tax increases and the automatic spending cuts that are going to affect everybody's finances. the president has now called for congressional leaders to come to the white house in search of a last-minute deal to avoid the so-called fiscal cliff, right? the president and the vice president, they're going to meet with house speaker john boehner, minority leader nancy pelosi, senate majority harry reid and minority leader mitch mcconnell. that is happening this afternoon. jessica yellin is there. jess, what do
president obama meeting with congressional leaders. that's going to happen this afternoon. i'm going to dream about that tiramisu. what a night, huh? but, um, can the test drive be over now? head back to the dealership? [ male announcer ] it's practically yours. but we still need your signature. volkswagen sign then drive is back. and it's never been easier to get a passat. that's the power of german engineering. get $0 down, $0 due at signing, $0 deposit, and $0 first month's payment on any...
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but if we were focusing on entitlement reform or spending or any of the big issues, joe, then obama couldn't get his base to -- so it's awo-way street we got going. >> takes two to tango. if he could have gotten inside together we might have had a shot of getting this done. sadly this is kind of like watching a last-place football team in a two-minute hurry up offense inside the red zone. you know they're going to blow it. all they do is kick a field goal and they can't get that done. this is so unfortunate but it's not going to get done. i agree with jimmy, it's not looking good at all. i'd like to be hopeful. i'd like to be optimistic. it looks like they're going to blow it. >> jimmy, did you watch harry reid yesterday? i mean, did -- i guess mcconnell was bad, too. is there something about harry, is that a song or something? >> mary. >> something about mary. >> your hair. >> sadly, joe, i did watch it, bee i'hate ink. but, yes, i watched the tennis match between the two senate leaders and that is -- that is par normal for the senate these days. when i worked there, they would do exactly t
but if we were focusing on entitlement reform or spending or any of the big issues, joe, then obama couldn't get his base to -- so it's awo-way street we got going. >> takes two to tango. if he could have gotten inside together we might have had a shot of getting this done. sadly this is kind of like watching a last-place football team in a two-minute hurry up offense inside the red zone. you know they're going to blow it. all they do is kick a field goal and they can't get that done....
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obama and congressional leaders will meet house today to avoid tax hikes and spending cuts. this comes after serious on capitolckering hill. we will have an in depth live report coming up. >> we are going to start with a look at what remains on 355 at cedar lane. one right lane getting by. it is very very slow. the beltway. we will take a look at the map. we had a report of an accident george washington parkway. the right lane is blocked. not very much back up. >> partly sunny skies and 37 degrees. breeze bringing our chill factor down to the low 30s. kind of a chilly start. we will warm up to the upper low 40's this afternoon. winter weather advisory in the north and west of the metro. that is the latest on the forecast. back to you. >> thank you for joining us. have another update for at 8:27. have a great morning. [ cheers and applause ] >>> oh, boy. great friday crowd with us. and albeit a chilly times square. they're getting the spirit award out there. george, robin, lara, lucky enough to be at their home with their families. wonderful have to amy robach, paula faris, r
obama and congressional leaders will meet house today to avoid tax hikes and spending cuts. this comes after serious on capitolckering hill. we will have an in depth live report coming up. >> we are going to start with a look at what remains on 355 at cedar lane. one right lane getting by. it is very very slow. the beltway. we will take a look at the map. we had a report of an accident george washington parkway. the right lane is blocked. not very much back up. >> partly sunny skies...